Korea should be alert for possible financial crisis: FSS chief

Authorities and industry players should raise vigilance against a financial crisis and pay full attention to risk management, said Yoon Suk-heon, head of the country’s top financial watchdog Financial Supervisory Service (FSS) in his New Year’s address.

Yoon said the most important role of the FSS is guarding the country against potential risks. The financial authority will focus on ensuring safety of financial system, establishing order for fair financial transactions, strengthening protection for customers and enhancing efficiency in supervision. “We should be alert to prevent shocks in financial system from spreading to the entire financial market and economy and challenging the government’s income-led growth policy,” he said. He also warned against unfair and illegal financial practices that could disrupt market orders, and pledged to ensure fair and transparent financial transaction system.

The FSS should also work hard to gain public trust by strictly punishing practices that cause disorders in the market, he said, urging financial firms to strengthen internal supervision and control to lay a foundation for a fair market.